PPLPPL Corporation
PPL, headquartered in Allentown, Pennsylvania, is a utility holding company, incorporated in 1994. 10-K, Item 1
- Headquarters
- Allentown, PA
- Next results
- around Feb 19, 2027
6 paragraphs in Risk Factors of the 10-K filed Feb 20, 2026 with nothing like them in the 10-K filed Feb 13, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 30 Utilities companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
The business and capital investment plans of PPL depend, in part, on the continued growth and viability of data centers and large load customers in its service territories.
PPL is anticipating increases in load demand, creating a business need for new power generating resources and transmission facilities. Much of this demand is driven by interconnecting with and providing power to data centers and large load customers to serve an increasingly digital economy and to support artificial intelligence. The business and capital investment plans of PPL are focused on meeting these current and projected needs. If these increased demands for electricity do not occur as projected or are not sustained as projected, for any reason, it could affect PPL's financial condition.
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PPL is anticipating increases in load demand, creating the need for new power generating resources and transmission facilities. A substantial portion of this demand is driven by the current and projected power needs of data centers to serve an increasingly digital economy and to support artificial intelligence. Extending service to these facilities necessitates significant capital expenditures, which in turn requires sufficient access to sources of capital. These additional capital needs, the increased concentration of business within a single industry based on emerging technologies, and uncertainties regarding the actual capacity required to satisfy the projected new demands of these new industries creates risks for PPL. Ensuring that incremental revenues from these projected new demands cover incremental costs and risks is critical to PPL and its relationship to its existing customers. While contracts with new large load customers typically include provisions for early termination payments, minimum bills, and financial security, these contracts may not fully protect PPL against all risks. Changes in industry practice or advances in the related technologies could reduce the demand for electricity to power data centers or other large load facilities. Additionally, these industries may experience a business downturn, which could cause the loss of current or potential customers or may weaken the financial condition and creditworthiness of existing customers. If anticipated demand growth does not materialize, PPL could experience unrecovered capital investments. Conversely, if demand grows more rapidly than projected, PPL may face challenges in securing adequate generation and transmission capacity and maintaining service reliability.
Similar paragraph at 1 of 30 other Utilities companies: SORead in the 10-K ↗
Many of these environmental law considerations are also applicable to the operations of our key suppliers or customers, such as coal producers, power producers and industrial power users, and may impact the costs of their products and demand for our services.
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Because AI technologies remain in the early stages of development and industry standards are still emerging, their use, whether by PPL, its subsidiaries or third-party vendors, presents inherent risks. Although we seek contractual protections and conduct due diligence with third-party vendors that incorporate AI technologies into their products or services, we may not have full visibility into, awareness of, or control over, the underlying data, supply chain dependencies, model training practices, performance, security safeguards, or compliance posture of such AI enabled tools. AI algorithms that we or our third-party vendors use may be flawed or may be based on datasets that are biased or insufficient, which may introduce risks involving data quality, data integrity, cybersecurity, adversarial manipulation, intellectual property, regulatory compliance, biased outcomes, or improper handling of sensitive information.
These limitations, failures, or inaccurate results generated as a result of our employees', contractors' or vendors' use or misuse of AI technologies could lead to operational interruptions or otherwise adversely affect our business, reputation, or financial results. In addition, the development, testing, and deployment of AI capabilities may require significant computational resources, specialized personnel, and additional investment, resulting in increased costs. We may not be able to recover these costs through our regulatory proceedings. Rapid advances in AI capabilities, as well as the emerging regulatory landscape in the United States and internationally, may also require modifications to our systems, adoption of enhanced governance processes or implementation of new safeguards. Future laws, regulations, Executive Orders, or industry standards relating to AI (which may be conflicting), including those addressing transparency, data usage, cybersecurity, accountability, or risk management, could materially affect how we design, procure, or use AI technologies and could increase compliance costs. In addition, the pace of AI innovation and regulation is unpredictable, and we cannot foresee all potential impacts of AI technologies or future laws and regulations or compliance requirements, and their associated costs and consequences. Any of the risks described above could adversely affect our business operations, reputation, or financial results.
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New in the latest 10-Q
25 paragraphs in the 10-Q filed Nov 6, 2026 with nothing like them in the 10-Q filed Aug 7, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
FCC - Federal Communications Commission, the U.S. federal agency that regulates interstate and international communications by radio, television, wire, satellite and cable in all 50 states, the District of Columbia and U.S. territories.
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• the effect of any federal, state or local legislation, regulation, policy or executive action that delays or prevents approvals of planned investments, prevents timely recovery of costs or otherwise alters the applicable regulatory framework;
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Financial statements and notes
On August 21, 2026, the RIPUC approved oral motions in the proceeding. The RIPUC approved certain aspects of RIE's proposals and modified or rejected others. The RIPUC decisions authorized annual revenue increases of $ 44 million for electric and $ 94 million for gas, a return on equity of 9.275 %, and a debt-to-equity ratio of 48 % debt to 52 % equity. The RIPUC did not approve a proposed second rate year.
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The RIPUC decisions also addressed certain issues regarding the recovery and accounting treatment of certain expenses, directed RIE to propose new performance metrics for certain investments and directed RIE to file a new tariff for extra-large electric loads by December 31, 2026. The RIPUC also approved or accepted several settlement agreements with intervening parties.
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In response to the motions, RIE submitted the required compliance filing on August 27, 2026. The approved rate changes were effective as of September 1, 2026. RIE has not received a final written order from the RIPUC as of the filing date of this Form 10-Q. RIE and all intervening parties have the right to appeal once the final written order is issued. RIE will evaluate the details of the written order and related matters, including potential next steps. PPL cannot predict the ultimate outcome of this matter.
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On August 21, 2026, the RIPUC addressed RIE's proposal with respect to its Hold Harmless Commitment. The RIPUC denied RIE's hold harmless proposal as submitted but authorized an alternative that increases the amount to be provided to customers to approximately $ 175 million, of which $ 163 million will be delivered to customers as bill credits and $ 12 million through a reduction to the gas cost recovery rate adjustment mechanism balance. The Division confirmed that the alternative proposal would fully satisfy RIE's obligation under the Hold Harmless Commitment, and RIE voluntarily accepted the RIPUC's alternative proposal on August 25, 2026. The RIPUC approved the implementing tariff on September 24, 2026. The bill credits will be issued to RIE electric and gas customers from October 2026 through September 2027. RIE will record a reduction of revenue as the bill credits are issued. The reduction of the gas cost recovery rate adjustment mechanism balance was recorded in the third quarter of 2026.
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On August 14, 2026, the KPSC issued an order relating to LG&E's and KU's requests for rehearing of the KPSC's February 2026 orders granting certain increases in annual electricity and gas revenues and associated accounting and other matters. The KPSC order approved certain elements of the rehearing requests, including matters relating to incorporating regulatory assets and liabilities in rate base calculations and recovery therein, utilizing updated cost estimates in a potential recovery cap in the PGR mechanism, and allowing pre-2026 costs to be included in a regulatory asset relating to LG&E's stay-open costs regarding Mill Creek Unit 2.
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The KPSC order denied other elements of the rehearing requests, including seeking reinstatement of certain other aspects of a prior October 2025 stipulation and recommendation of LG&E and KU and certain intervenors in the rate increase proceedings.
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LG&E and KU estimate that the KPSC order represents increases of approximately $ 4 million in annual LG&E electricity and gas revenues and approximately $ 3 million in annual KU electricity revenues, above the increased amounts contained in the KPSC's February 2026 order. The revised rates are effective for services rendered on and after the date of the order.
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On August 31, 2026, the VSCC issued an order authorizing the financing and affiliate transaction matters relating to the merger. On September 18, 2026, the FERC issued an order authorizing the merger. On September 23, 2026, the FCC consented to the merger transaction. On September 25, 2026, the KPSC issued an order authorizing the merger and related matters, with certain modifications to the proposed settlement agreement and associated accounting, financing and rate matters. On October 22, 2026, the VSCC issued an order authorizing the merger. The merger remains subject to approvals by internal boards and the sole shareholder of both companies, and the entry by LG&E and KU into the operative merger transactional agreements.
Read in the 10-Q ↗
On August 21, 2026, the RIPUC approved oral motions in the proceeding. The RIPUC approved certain aspects of RIE's proposals and modified or rejected others. The RIPUC decisions authorized annual revenue increases of $44 million for electric and $94 million for gas, a return on equity of 9.275%, and a debt-to-equity ratio of 48% debt to 52% equity. The RIPUC did not approve a proposed second rate year.
Read in the 10-Q ↗
The RIPUC decisions also addressed certain issues regarding the recovery and accounting treatment of certain expenses, directed RIE to propose new performance metrics for certain investments and directed RIE to file a new tariff for extra-large electric loads by December 31, 2026. The RIPUC also approved or accepted several settlement agreements with intervening parties.
Read in the 10-Q ↗
In response to the motions, RIE submitted the required compliance filing on August 27, 2026. The approved rate changes were effective as of September 1, 2026. RIE has not received a final written order from the RIPUC as of the filing date of this Form 10-Q. RIE and all intervening parties have the right to appeal once the final written order is issued. RIE will evaluate the details of the written order and related matters, including potential next steps. PPL cannot predict the ultimate outcome of this matter.
Read in the 10-Q ↗
On August 14, 2026, the KPSC issued an order relating to LG&E's and KU's requests for rehearing of the KPSC's February 2026 orders granting certain increases in annual electricity and gas revenues and associated accounting and other matters. The KPSC order approved certain elements of the rehearing requests, including matters relating to incorporating regulatory assets and liabilities in rate base calculations and recovery therein, utilizing updated cost estimates in a potential recovery cap in the PGR mechanism, and allowing pre-2026 costs to be included in a regulatory asset relating to LG&E's stay-open costs regarding Mill Creek Unit 2.
Read in the 10-Q ↗
The KPSC order denied other elements of the rehearing requests, including seeking reinstatement of certain other aspects of a prior October 2025 stipulation and recommendation of LG&E and KU and certain intervenors in the rate increase proceedings.
Read in the 10-Q ↗
LG&E and KU estimate that the KPSC order represents increases of approximately $4 million in annual LG&E electricity and gas revenues and approximately $3 million in annual KU electricity revenues, above the increased amounts contained in the KPSC's February 2026 order. The revised rates are effective for services rendered on and after the date of the order.
Read in the 10-Q ↗
On August 31, 2026, the VSCC issued an order authorizing the financing and affiliate transaction matters relating to the merger. On September 18, 2026, the FERC issued an order authorizing the merger. On September 23, 2026, the FCC consented to the merger transaction. On September 25, 2026, the KPSC issued an order authorizing the merger and related matters, with certain modifications to the proposed settlement agreement and associated accounting, financing and rate matters. On October 22, 2026, the VSCC issued an order authorizing the merger. The merger remains subject to approvals by internal boards and the sole shareholder of both companies, and the entry by LG&E and KU into the operative merger transactional agreements.
Read in the 10-Q ↗
On August 21, 2026, the RIPUC addressed RIE's proposal with respect to its Hold Harmless Commitment. The RIPUC denied RIE's hold harmless proposal as submitted but authorized an alternative that increases the amount to be provided to customers to approximately $175 million, of which $163 million will be delivered to customers as bill credits and $12 million through a reduction to the gas cost recovery rate adjustment mechanism balance. The Division confirmed that the alternative proposal would fully satisfy RIE's obligation under the Hold Harmless Commitment, and RIE voluntarily accepted the RIPUC's alternative proposal on August 25, 2026. The RIPUC approved the implementing tariff on September 24, 2026. The bill credits will be issued to RIE electric and gas customers from October 2026 through September 2027. RIE will record a reduction of revenue as the bill credits are issued. The reduction of the gas cost recovery rate adjustment mechanism balance was recorded in the third quarter of 2026.
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Three Months Nine Months ───────────────────────────────────────────────────────────────────────────────── PPL Electric PLR prices $ 28 $ 140 PPL Electric PLR volumes 15 38 PPL Electric net metering 5 12 LG&E volumes — (9) LG&E commodity costs (2) 37 RIE commodity costs 2 (26) RIE net metering 8 8 RIE renewable energy certificates — 8 RIE volumes 1 17 Other 7 (2) Total $ 64 $ 223
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(j) Certain costs disallowed by the RIPUC related to the 2025 Rhode Island rate case proceedings.
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(f) Certain costs disallowed by the RIPUC related to the 2025 Rhode Island rate case proceedings.
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(h) Certain costs disallowed by the RIPUC related to the 2025 Rhode Island rate case proceedings.
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The table below shows the Registrants' current capital expenditure projections for the years 2026 through 2028. Expenditures for the regulated utilities are expected to be recovered through rates, pending regulatory approval.
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(a) The 2026 total excludes amounts included in accounts payable as of September 30, 2026.
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Capital expenditure plans are revised periodically to reflect changes in operational, market and regulatory conditions. The amounts in the table provided above have been updated from the amounts provided in PPL's 2025 Form 10-K to reflect PPL's preparation of its 2027 business and capital plans.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 6, 2026 against Item 1A of the 10-K filed Feb 20, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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There have been no material changes in the Registrants' risk factors from those disclosed in "Item 1A. Risk Factors" of the Registrants' 2025 Form 10-K.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Work on PPL in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/PPL/export.csv") into a cell.